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The author, center, with her children when they were younger.
Courtesy of Holly Johnson
I’m happy for those who will have some or all of their student-loan debt forgiven by Biden’s plan.
But with kids ages 11 and 13, I’m more determined than ever to save for their education.
There’s no relief in sight for the high cost of college, and kids of high-earners won’t get any breaks.
When the Biden administration announced a new student-loan forgiveness plan for eligible borrowers last month, my social media accounts were automatically flooded with passionate statements on both sides of the aisle. Some people seemed to be elated at the idea of eligible borrowers having $10,000 to $20,000 in federal student loan debt forgiven, whereas others were horrified at the idea of any kind of forgiveness at all.
Because this issue and others like it are never black and white, I quickly found myself with mixed feelings on student-loan forgiveness — at least in its current form.
I am happy for eligible borrowers who are seeing some of their federal student loan debt forgiven, and I have no animosity towards those who are excited to receive it. In fact, I have a nephew in college who is set to receive forgiveness for the previous year’s student loan debt, and several other people in my life will be financially much better off.
On the flipside, I have two kids ages 11 and 13, and I am extremely worried about their future, as well as the future of their peers. This is despite the fact that I have been saving for my children’s higher education since they were babies, and I currently have close to enough to pay for four years of state school tuition and fees in a 529 account for each of them.
Why I’m still saving for my kids’ college education
While student-loan forgiveness is on its way for some borrowers, I wholeheartedly believe parents with kids approaching college age should hold off on celebrating right now. The fact is, there are several important reasons I will continue …read more
Source:: Business Insider